IFRS 10 is an accounting standard that provides guidelines to consolidate financial statements for group companies. The following questions relate to a transaction between companies within a group where a sale of a non-depreciable asset occurred in the current year. Marks (a) Describe the consolidation procedure that will be applied to account for the sale of an asset between the parent and subsidiary in the consolidated financial statements. 1 (b) Discuss the effect of a profit and loss on sale on: (i) The consolidated statement of financial position (ii) The consolidated statement of profit or loss and other comprehensive [5] Please note: Your answer should comply with the requirements of International Financial Reporting Standards (IFRS). Journals and preparation of financial statements are not required.